Calculate the budgeted cash payments for purchases

Assignment Help Accounting Basics
Reference no: EM131727831

Q1. Expected direct materials purchases in Rees Company are $210,000 in the first quarter and $270,000 in the second quarter. Forty percent of the purchases are paid in cash as incurred, and the balance is paid in the following quarter. The budgeted cash payments for purchases in the second quarter are:

A) $216,000.

B) $288,000.

C) $270,000.

D) $234,000

Q2. The interest on a $30000, 9%, 30-day note receivable is

A) $225.

B) $900.

C) $75.

D) $150.

Reference no: EM131727831

Questions Cloud

Calculate myrtle return on investment : Myrtle Company has sales of $218,000, cost of goods sold of $87,900, Calculate Myrtle's return on investment and its residual income
Calculate the golf division return on investment : Augusta Corp's Golf Division has sales of $197,000, Calculate the Golf Division's return on investment and its residual income
Why an criminal profiling expert may not alllwed to testify : What are some reasons why an criminal profiling expert may not be alllwed to testify about a profiling report. If yes, under what circumstance?
Calculate the adjusted cash balance per books on april : Cheyenne Corp. gathered the following reconciling information in preparing its April bank reconciliation: The adjusted cash balance per books on April 30 is
Calculate the budgeted cash payments for purchases : Expected direct materials purchases in Rees Company are $210,000 in the first quarter, The budgeted cash payments for purchases in the second quarter are
Write an jrotc essay about high school level : Write an JROTC ESSAY about High School Level. The essay will relate to the one of the Core Abilities evaluated in JROTC.
What adjusting entry must it make : If Cheyenne Corp. prepares its financial statements as of December 31, 2017, what adjusting entry must it make
What does blossom record as the cost of the new truck : The truck's annual license is $120. The truck undergoes safety testing for $300. What does Blossom record as the cost of the new truck
Record the acquisition cost of the equipment : Oriole Company purchased equipment and these costs were incurred: Cash price $68000. Oriole will record the acquisition cost of the equipment as

Reviews

Write a Review

Accounting Basics Questions & Answers

  Define premiums on property and casualty insurance policies

Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $5,000.

  What is the journal entry made on may

On 1 May 2016, Raspberry Ltd pays $480 for a one-year fire insurance policy that expires on 30 April 2017, What is the journal entry made on 1 May 2016

  In december 2012 shire computers management establishes the

in december 2012 shire computers management establishes the year 2013 predetermined overhead rate based on direct labor

  Determine the amounts after the stock dividend was

determine the following amounts after the stock dividend was declared and closing entries were recorded at the end of

  As a manager what do you if you have someone who scores low

as a manager what do you if you have someone who scores low in desirable personality traits but their behavior does not

  The lbj company has budgeted sales revenues

The LBJ Company has budgeted sales revenues

  Why traditional functional income statement is not suitable

Explain why a traditional functional income statement is not suitable for the Cost Volume Profit (CVP) analysis. What is the key point that makes a contribution approach income statement useful for CVP relationship analysis.

  What happens if the market rate goes down

What happens if the market rate goes down while the bonds are outstanding? Name some actions a company could take to control this risk.

  It was scrapped as having no value

Bobby's has delivery equipment that cost $40,000 and that has been depreciated $26,000. Record the disposal under the following assumptions.

  Calculate net present value of this investment opportunity

Winthrop Company has an opportunity to manufacture and sell a new product for a five-year period. Calculate the net present value of this investment opportunity

  What are the accounting and reporting guidelines

What are the accounting and reporting guidelines for a change in accounting principle related to depreciation methods?

  Related to social problems in society

There are three social dilemmas presented in Chapter 15 of your textbook: tragedy of the commons or the commons dilemma, resource dilemma, and prisoner's dilemma. Choose two of these concepts to discuss, and explain how each is related to social p..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd